Homestead MHP
967 Gray Road | Lexington, NC 27292-6986, US
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Homestead Mobile Home Park, a 14-site community located in Lexington, North Carolina, within the Winston-Salem Metro. This turn-key asset features 7 tenant-owned homes averaging $371/month, and 7 brand-new Clayton 14x66 homes (Model 924) equipped with central air conditioning, heat pumps, new meters, pedestals, skirting, and utility hookups. All homes are fully permitted and set, and will be delivered to a new investor fully occupied by close at $1, 200/month each. At full occupancy, the park generates an NOI of $91, 032 and is being offered at $1, 050, 000, representing a stabilized entry point into one of North Carolina’s most desirable metro areas. Homestead is a clean, professionally improved park with no deferred maintenance—ideal as a bolt-on acquisition or for first-time operators seeking simplicity and immediate cash flow. The community is serviced by county water directly billed to tenants, and septic sewer included in rent. There are seven septic tanks—some shared, some direct—all recently approved by the county for the new home installations. Electric is individually metered and billed directly to tenants, and trash is curbside pickup through a private provider, included in rent with a minimal annual bill of ~$180 to the park. The investment strategy moving forward is straightforward—continue steady operations and annual rent increases, and explore selling or RTO’ing the new homes to tenants over time to reduce long-term expense load and drive cash flow. Either way, Homestead offers a solid opportunity to acquire a stabilized, improved asset with immediate returns and upside flexibility in a growing Carolina market.
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Lexington, North Carolina, is a mid-sized city located in the central part of the state, within Davidson County. It lies between Winston-Salem and Charlotte and serves as the county seat, blending small- town atmosphere with regional accessibility. With a population of approximately 19, 632 residents, Lexington offers a quieter pace of life and a strong sense of local identity. Founded in the early 19th century, Lexington grew as a center for furniture manufacturing and textiles, benefiting from its location near major rail and highway routes. While the traditional manufacturing base has declined, the city has gradually shifted toward a more diversified economy. Today, Lexington's economy includes sectors such as healthcare, education, small business, and food production, though overall job growth has remained moderate. The median household income in Lexington is approximately $42, 348, which is below the national average. Housing costs are relatively low, with a median home price around $174, 000. However, affordability challenges persist due to income limitations and the condition of older housing stock. The need for affordable, modern housing options—such as manufactured homes—continues to grow as the community evolves. In summary, Lexington is a historic city that offers a blend of small-town living and proximity to larger urban centers. While it remains modest in size, it plays a vital role in the region and provides a peaceful, community-oriented lifestyle for its residents.